In a note which had been prepared for the G20 summit held in Cannes last week, but was not published until Friday, the Fund believes that the recovery of advanced economies patina.

"Paralysis and inconsistency have exacerbated the uncertainty, loss of confidence and increased tension of the financial market," he diagnosed.

The most advanced countries should urgently propose program medium-term fiscal consolidation credible and further reform the financial sector, while the emerging edge must accelerate the appreciation of their currencies, he said.

In particular, the IMF observes, there is "considerable uncertainty" about how to achieve fiscal sustainability in the United States, Japan and some countries in the euro area.

The first European bank also warned that it could leave the United Kingdom, where its headquarters for more than twenty years, due to new rules on capital that could cost him dearly.

Over the period from July to September, HSBC made a profit taxable underlying decline from 36% to $ 3 billion (2.18 billion euros).

The bank has already cut 5,000 positions from the first quarter of the 30,000 cuts announced by 2013.

HSBC said its provisions for credit risks, and charges were up $ 700 million at quarter end compared to their levels of last year at this time, partly because of the moratorium on foreclosures in the the United States.

"The outlook for the global economy are very difficult, as problems in developed markets beginning to affect the growth rate worldwide," said HSBC.

"Dear Silvio, a new opportunity to escape with Ryanair." It is this formula that the low-cost airline has launched an advertising campaign on its website to promote its flights to 9.99 euros from Rome.

"If we find that (effective) our work is undermined by a lack of efforts of national governments, then we must ask us to question the effect (of interventions)," said he in an interview published Sunday by the newspaper La Stampa.We discuss all the time. "

This is partly because the yields of Spanish and Italian sovereign bonds in early August had reached a level considered difficult to sustain over the long term for these countries to more than 6%, the ECB had resumed its buyback program obligations.

Since the last three months, it bought for about 100 billion shares, of which over half were Italian government bonds.

Friday, the yield on Italian 10-year loans reached a new high since the creation of the euro area, 6.43% due to the distrust inspired investors in the country, where a vote of confidence in the House planned Tuesday could bring down the coalition government led by Silvio Berlusconi.

Around 4:05 p.m. GMT, group, owner of the trademarks Corn Flakes, Frosted Flakes and Rice Krispies, lost 7.00% to 50.25 dollars while the S & P 500 advanced 1.04%.

In 2010, the company had to recall millions of boxes of Froot Loops, and other cereal brands, due to suspicious odor.

She reached the third quarter net earnings of $ 290 million (211 million) or $ 0.80 per share, against 338 million ($ 0.90 / share) a year ago.

The airline has grounded all its aircraft Saturday and canceled 447 flights, which affected nearly 70,000 passengers, and brought the conflict to a climax.

The unions are demanding salary increases and improved working conditions. They also challenge the strategy of the company to focus its international activities in the Asia-Pacific region. The company management wants it, remove a thousand jobs.

The immobilization of the fleet has forced Prime Minister Julia Gillard in Melbourne before the court, which ordered the company to resume flights and unions to end the strike.The judges have left them 21 days to resolve the conflict.

Qantas announced that flights would resume on Monday afternoon part.

"We are delighted that after 24 hours of chaos, common sense prevails again in the sectors of air transport and tourism in Australia", welcomed Bill Shorten, Deputy Treasury Secretary.

"I think Qantas has taken an extreme decision Saturday," she commented on Julia Gillard, head of government. "Without really inform the government and the passengers, she had pinned her to the ground. She did as she had other alternatives," she added.

The strike took place at the wrong time for the Australian government, which hosted this weekend the 21st Commonwealth summit in Perth.Seventeen heads of state and government would leave Australia with Qantas. However, they have done with other companies, assured the Prime Minister.

Europe will she fall back into recession?

The business environment is being degraded rapidly in Europe. This degradation affects all sectors and all countries. It was partly due to the crisis at work currently generating considerable uncertainty about the future, agrees and makes it more complicated financing and forced European states to austerity measures. However, even very poor, the level of the business climate remains consistent with a very small increase in activity, as evidenced particularly in industrial production in the euro zone, France and Germany.

How will evolve the euro?

It is undeniable that the crisis of public debt in the euro area weighs on the course of the single currency.However, the dollar is weakened by the weak economy in the United States, the concerns generated by last summer by the political debate on the budget and the debt and the expectation of monetary policy remains sustainable ultra- accommodative. In total, we expect an exchange rate of euro / dollar relatively stable beyond a very volatile as of weakness of any currency. In a broader perspective, the fact remains that these two currencies would be permanently impaired. Therefore, the pressure to appreciate the currencies of major emerging economies and countries like Switzerland would be persistent.

Concerns are growing stronger with the approach of the EU summit to be held this Sunday. Around 10 am, Paris lost 1.6%, London 1.3%, Frankfurt 1.5%. At the same time Milan fell by 1.8% and 1.3% in Madrid. The Nikkei of the Tokyo Stock Exchange finished Thursday's session lower by 1%, investors fear that the summit of the European Union this weekend does not solve the crisis in the eurozone.

These concerns were reinforced by the Wednesday night meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel.The two leaders met for nearly two hours in Frankfurt around the future of the euro area. Nothing filtered out of the interview but the discussions have included the lending capacity of EFSF, the relief fund in the euro area, which must be set up to help countries in trouble. According to the German press, Berlin would be in favor of strengthening the EFSF to 1.000 billion euros, but more like Paris. In addition, Nicolas Sarkozy wants to transform this new instrument in the bank, which refused Angela Merkel and Jean-Claude Trichet, President of the European Central Bank (ECB).

Rumors about the amount of its capacity should continue to circulate in the markets, which should make the stock markets volatile."As we approach the summit, nervousness increases and investors away from equity markets," said the note IG Market Analysis, adding that the latest results of companies from the United States are often disappointing and not conducive for optimism.

Just under half of the 1200 ECB employees were surveyed by the union of the ECB ipso to evaluate the performance of Jean-Claude Trichet, who was replaced on November 1 by Mario Draghi.

Over 70% of respondents felt that Jean-Claude Trichet has enhanced the reputation of the ECB, 75% reporting as well as its communication regarding the bank's policy was clear and consistent.

That said, 55% think that Jean-Claude Trichet did leave the ECB's framework defined by its mandate actions – repurchase of government bonds in mind – to fight against the debt crisis.

At the same time, it also emerges a majority that the decisions made by Jean-Claude Trichet were good under the circumstances.

The ECB has set up its program – still ongoing – Redemption of debt securities issued by sovereign countries in the euro area in May 2010, at the cost of deep divisions within the bank that resulted in the resignation of his two German members, Axel Weber and Juergen Stark, this year.

Unlike the Federal Reserve, whose mission is to support as much growth as the fight against inflation, the mandate of the ECB is solely focused on the stability of consumer prices.

But with the arrival of a new president and the apparent support of the staff of the ECB's anti-crisis measures taken by Jean-Claude Trichet, a debate on enlargement of the prerogatives of the ECB could open.

The outgoing president of the ECB declined to respond to the survey results ipso.